Google-parent Alphabet credited its cloud computing business as a contributor to a 3 per cent year-on-year increase in revenue during Q1, though it booked billions in charges related to reductions in its workforce and office space.

CEO Sundar Pichai stated Alphabet rolled-out important product updates anchored in deep computer science and AI during the quarter.

CFO Ruth Porat added the company is “committed to delivering long-term growth and creating capacity to invest in our most compelling growth areas by re-engineering our cost base”.

Google Cloud revenue was $7.4 billion compared with $5.8 billion in Q1 2022.

Its search and other revenue of $40.3 billion was a slight increase over $39.6 billion, with other bets falling from $440 million to $288 million.

Revenue stood at $69.7 billion, with $2.6 billion in costs relating to the staff and property cuts.

Net income dropped to $15.1 billion from $16.4 billion.

Earlier this month, Alphabet’s board authorised share buy-backs of up to $70 billion.